Rochester, NY 6/24/2009 11:35:15 PM
SVU - SuperValu Slides As 1Q Profits Miss Target Expectations - Sourced WhisperFromWallStreet.com
SUPERVALU INC
SVU - SuperValu Slides As 1Q Profits Miss Target Expectations - Sourced WhisperFromWallStreet.com
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SUPERVALU INC,SVU
13.76 Down 1.93 (12.30%) 12:25pm ET
Grocery-store chain SuperValu said Wednesday its fiscal first-quarter earnings were hurt by the weak economic environment and price cuts to spur spending and warned earnings will miss analyst expectations.
Shares fell $1.86, or 11.9 percent, to $13.83 during midday trading. The stock has traded between $8.59 and $33.37 during the past 52 weeks.
"Since providing guidance on our fourth quarter earnings call, consumers have become more value focused and cautious in their spending which has pressured sales and margins greater than anticipated," said CEO Craig Herkert in a statement.
The company said earnings will be "substantially" below analyst expectations. Analysts polled by Thomson Reuters, on average, predict a profit of 65 cents per share.
Herkert said the company predicts sales in stores open at least one year, or so-called same-store sales, will fall 3 percent during the quarter.
ABOUT
SUPERVALU INC. operates as a grocery retailer in the United States. The company operates combination stores, food stores, and limited assortment food stores under the Acme Markets, Albertsons, Bristol Farms, bigg's, Cub Foods, Farm Fresh, Hornbacher's, Jewel-Osco, Lucky, Save-A-Lot, Shaw's Supermarkets, Shop 'n Save, Shoppers Food & Pharmacy, and Star Markets banners. Its stores offer various grocery products, general merchandise, health and beauty care products, pharmacy products, fuel, and other items and services.
Last Trade: 13.81
Day's Range: 13.52 - 14.06
52wk Range: 8.59 - 33.37
Volume: 10,398,213
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